In June, BTC fell below $ 30,000 for the first time since it hit $ 64,000. A quick rebound resulted in Bitcoin losing 10% over the past month. The past 30 days have shown the strength of the $ 33,000 mark as a resistance as well as support.
For the first three days of the new month, the USD 33,000 level has proven to be more of a support than a resistance. The current price movements of the King coin show that it is gradually recovering. To sustain the recovery, BTC needs to reverse the USD 35,000 resistance as it will become a long-term support if sustained.
July is usually neither the cheapest nor the worst month for the largest coin by market capitalization. Looking at the monthly return, Bitcoin gained 6.2% on average in July.
There is no clear pattern for the sixth month being good or bad. A bullish indicator for this month is that BTC has seen a loss in the past two months. Based on the latest price development, a month of profit follows as soon as the king coin records two months of losses.
This month we could see the number 1 coin by market cap hit $ 37,000 and trade at $ 33,000 with the occasional re-testing of the $ 37,000 resistance. We may see a 10% increase this month.
Interestingly, we are seeing a more pronounced hammer pattern on the BTC monthly chart that could signal the end of the bearish dominance it is currently experiencing.
Quarter-on-quarter, Bitcoin saw a more bearish third quarter than the bullish one. Interestingly, BTC averaged 3.22% in the third quarter. The highest loss the king coin suffered during the third trading period of the year is 40%.
It is very unlikely that we will see a 40% decline this quarter, but in the worst case scenario, we can see a 20% decline. A good start to the quarter could also have a big impact on Bitcoin performance.
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